Citizens Inc. reports increases in revenues and assets.AUSTIN Austin. 1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum , Texas--(BUSINESS WIRE)--May 17, 1995--Citizens Inc. (AMEX AMEX See: American Stock Exchange :CIA CIA: see Central Intelligence Agency. (1) (Confidentiality Integrity Authentication) The three important concerns with regards to information security. Encryption is used to provide confidentiality (privacy, secrecy). ) an international life insurance holding company, today reported continued increases in total assets, capital and revenue for the first quarter ended March 31, 1995. Citizens' CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Randall Randall may refer to the following: In places:
The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. (income before capital gains and federal income taxes) was $367,000 for the current period compared to $585,000 for the prior year. Revenues for the quarter were $10.9 million, compared to $9.8 million reported in the same three-month period in 1994, an increase of 11.2%. Premium income increased 9.8% to $9.3 million from $8.4 million. Decreases in capital gains on bonds, an increase in reserves for future policy benefits and increased operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. as a result of recent growth were the primary reasons for the lower earnings in 1995. Total assets reached $152.5 million at March 31, up from $149.8 million at Dec. 31, 1994 and significantly up from the $135.8 million in March, 1994. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. grew to $36.6 million from $35.1 million at Dec. 31, and $28.1 million in March, 1994. In the year since March, 1994 assets grew 12.3% and stockholders' equity, 30.2%. During the fourth quarter of 1994, the company announced agreements to acquire Insurance Investors & Holding Co. of Peoria Peoria (pēôr`ēə). 1 City (1990 pop. 50,618), Maricopa co., central Ariz., a suburb of Phoenix; settled 1897, inc. 1954. , Ill., and American Liberty Financial Corp. of Baton Rouge Baton Rouge (băt`ən r  zh) [Fr.,=red stick], city (1990 pop. 219,531), state capital and seat of East Baton Rouge parish, SE La. , La. The two
acquisitions, for shares of Citizens' Class A common stock, are
progressing toward completion and are expected to be consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. during the third quarter of 1995. Riley said, "We are pleased with the growth in revenues that have continued during the quarter. We expect to return to the higher levels of profit seen in previous years as we progress through the year. We continue to work towards the consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the two acquisitions that were initiated last year and believe these companies will make a significant contribution towards the future of the Company." -0-
Citizens, Inc.
Comparative Consolidated Financial Highlights
Operating Statements
(Unaudited)
Three Months Ended
March 31,
1995 1994
Premiums and other revenues
Premium income $ 9,273,129 $8,442,489
Net investment income 1,503,937 1,300,217
Other 85,072 21,178
Total revenues 10,862,138 9,763,884
Benefits and expenses Increase in future policy benefit reserves 2,398,644 1,552,563 Claims and surrenders 4,314,556 4,362,646 Policyholder dividends 455,565 438,660 Commissions 2,464,168 2,092,044 Underwriting and insurance expenses 1,342,986 1,067,623 Net change in deferred policy acquisition costs (653,472) (624,834) Other 172,819 290,484 Total benefits and expenses 10,495,266 9,179,186 Operating income 366,872 584,698 Realized gains on investments (31,017) 487,350 Income before federal income tax 335,855 1,072,048 Federal income tax expense 62,972 153,287 Net income $ 272,883 $ 918,761
Income Per Share
Operating income per share $0.02 $0.04 Net income per share $0.02 $0.06 Average shares outstanding 17,601,389 16,672,514
Balance Sheets
March 31, Dec. 31, Sept. 30, June 30,
1995 1994 1994 1994
Total assets $152,477,360 $149,797,604 $144,878,120 $138,935,140
Total invested
assets $95,600,298 $93,828,650 $91,896,105 $87,273,110
Stockholders'
equity $36,622,785 $35,055,373 $33,304,734 $28,557,672
March 31,
1994
Total assets $135,763,191
Total invested assets $86,932,601
Stockholders' equity $28,585,046
CONTACT: Citizens Inc., Austin Mark A. Oliver, 512/837-7100 |
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